Key Points:
- SpaceID and DWF Labs may correlate with the surge in ID token’s price.
- Large transfers were made to provide liquidity.
- The future of $ID’s price is uncertain, and investors need to stay informed.
ID token surged by about 120% in the last seven days. Lookonchain found a correlation between Space ID and DWF Labs.
In recent times, there has been a significant increase in the price of SpaceID (ID) by nearly 120% in just the past 7 days. This sudden surge in price has raised many questions and has led to an investigation by Lookonchain into the large transfers of ID that have been taking place in the past week. According to Lookonchain, there seems to be a correlation between the addresses of SpaceID and DWF Labs and the price increase of ID.
DWF Labs, which may be the market maker of ID, received 5M ID after the ID went live and transferred 5M ID to various exchanges such as Binance, Gate.io, Bybit, Bitget, KuCoin, and MEXC. Additionally, Lookonchain found that DWF received 7.4M ID from Binance on April 14, after the price of ID experienced a 30% increase.
Furthermore, SpaceID also received 20M ID from Binance on March 30th and April 1st when the price was approximately $0.48. SpaceID then transferred 20M ID to address “0xf9fe”. Address “0xf9fe” transferred 20M ID to Binance 17 hours ago, after which the price of ID increased by approximately 23%. It is still unclear whether this is a coincidence or if there is a correlation between these events.
However, it is interesting to note that the addresses of SpaceID transferred $51M ID to Binance within 24 hours of the ID going live, and transferred $20M ID to Binance through the address “0xD8D6”. Although this did not cause significant price swings, it is believed that these transfers were made to provide liquidity.
The sudden increase in the price of ID and the large transfers of ID have left many investors and traders wondering about the future of this cryptocurrency. It remains to be seen if the price of ID will continue to rise or if it will experience a decline in the coming days. With the ongoing investigations and market volatility, investors need to stay informed and make informed decisions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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